Kewal Kiran Clothing Company: Sharekhan Research Report

A strong brand profile, a disciplined management and a consistent track record coupled with a robust balance sheet position (cash on books at Rs90 a share) and attractive valuation (11.2x FY2012) make us bullish on the stock of Kewal Kiran Clothing Company. We initiate coverage on the stock of Kewal Kiran Clothing Company with a Buy rating and a one-year price target of Rs574 (15x FY2012 earnings, which is around 50% discount to the current valuations of the large retail companies like Titan Industries